UK charges two brokers in Libor investigation
The Libor scandal is under the spotlight once again, as two U.K. brokers have been charged with conspiracy to defraud and are set to face court at a later date, in what could be the first case of the global rate rigging scandal to go to trial.
Terry John Farr and James Andrew Gilmour, former brokers at RP Martin Holdings, were arrested in December last year by the U.K.'s Serious Fraud Office, in collaboration with the City of London Police. Both men were charged by police on Monday and will appear before Westminster Magistrates' Court at a later date.
(Read More: Libor Criminal Investigations Will Happen: Diamond)
So far, U.S. and U.K. regulators have fined three banks, including Barclays and Switzerland's UBS, a total of $2.6 billion for their role in manipulating Libor (the London interbank offered rate). The Senior Fraud Office also charged former UBS and Citigroup trader Tom Hayes with eight counts of conspiracy to defraud in June.
(Read More: Recent Libor Settlements Are Just Tip of the Iceberg)
Last week, it was announced that the management of Libor, a crucial benchmark affecting hundreds of trillions of dollars worldwide, will be taken out of London and handed to transatlantic exchanges operator NYSE Euronext. An independent committee, set up by the U.K. government, selected the New York exchange over two U.K. rivals, and it will take over Libor early 2014.
—By CNBC's Jenny Cosgrave: Follow her on Twitter @jenny_cosgrave